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2. 2 Program Andrew Lindberg Paul Ingleby Mark Allison Marcus Kennedy MORNING TEA Sarah Scales Peter Geary Jill Gillingham

3. 3 “Corporate Strategy – Diversification & Growth” Andrew Lindberg, Managing Director

4. 4 AWB’s financial objectives Return on equity - 15% return on equity in the medium term Solid EPS growth (including Landmark) - EPS accretive (pre-goodwill, post synergies, post one-off costs) in 2003-04 - More than 35% EPS accretive by 2005-06 Stable dividend payment - 11 cents per share for the 2003 final dividend - Expect to maintain dividend payment at current levels for 2003-04 Efficient capital management - Surplus capital utilised to part fund the acquisition of Landmark - Appropriate credit rating Improve quality of earnings - Reduced exposure to crop size - Reduced proportion of earnings subject to principal risk

5. 5 The acquisition of Landmark is consistent with our corporate strategy Vision: “Australia’s leading global manager of agricultural commodity assets, services and flows” Australian other grains Australian other commodities Australian wheat International wheat International other grains & commodities Producers Relation- ships End-users Relation- ships Rural Services Agricultural inputs and technology Finance & Risk Mgmt. Acquisition & Trading Supply Chain Milling & Processing Pool Mgmt. Value adding products and services Agricultural Commodities Integrated Value Chain Shipping

6. 6 Landmark strengthens AWB’s core wheat business & achieves substantial diversification in rural & financial services Integration, extraction of synergies and building of growth platforms will be a major focus in 2003-04 Landmark distribution network and Rabobank relationship will be growth enablers in Financial Services AWB will continue to strengthen its grain business by seeking arrangements with bulk handlers allowing competitive access to ports and by securing end user demand Strong focus on cost and capital management will help prioritise business opportunities, whether in existing business streams or beyond

7. 7 The acquisition of Landmark creates a unique ‘one stop shop’ for the farmer Enhanced access to global markets for Australian agriculture Access to over 40 countries around the world Cross-selling Cross-selling of products and services to farmers and international customers Overhead cost savings Consolidation of AWB and Landmark corporate, head office and network functions, where appropriate Supply chain cost savings Consolidation of procurement functions Leveraged logistical capability

8. 8 Outlook – AWB is well positioned as Australia’s leading agribusiness Agricultural outlook is improving - AWB forecast 22 to 24m tonnes of wheat for 2003-04 - Outlook solid for finance, insurance, fertiliser and real estate 2002-03 Group NPAT forecast in the range of $40-45m 2003-04 Group NPAT forecast in the range of $100-110m - Pre goodwill amortisation, including all one-off costs Ring fencing of National Pool - Targeted credit ratings achieved and protected Integration of Landmark - Total EBIT enhancement opportunities, derived primarily from finance growth opportunities, assessed at $5-$10m in 2003-04 increasing to $30-$40m by 2005-06

9. 9 “Capital & Risk Management” Paul Ingleby, Chief Financial Officer

10. 10 AWB Limited AWB International AWB Harvest Finance Commercial businesses AWB Commercial Funding Bank Facility US CP Program Security Trustee Euro CP ProgramA$ EPN/MTN Program Growers $ WEA AWB Commercial Subsidiaries AWB Services Wheat export related businesses Ring fenced operation overview

11. 11 Ring fencing will achieve: Highest possible rating given AWB’s business mix and overall capitalisation A cost effective sustainable base for the continued operations of the Group Separation of the wheat export related and commercial operations of the Group for ratings purposes while retaining operating synergies A platform for growth and diversification A commercial self regulating structure for the Group’s wheat pooling operation Capital allocation within the Group Enhanced market transparency of Group operations Improved financial flexibility for the Group Note: ‘Group’ refers to AWB group of entities including Landmark

12. 12 Ring fence of National Pool operations Ring fence structure to be effective from 1 October 2003 Ratings expected post 1 October 2003 -AWB Harvest Finance  S&P: A1+ (s/t) AA- (l/t) stable  Moodys: P-1 -AWB Commercial Subsidiaries  S&P: BBB stable outlook

13. 13 Capital requirements going forward Level of capital required to support future growth plans No major capital expenditure for 2003-04 Expected maintenance capital expenditure of approximately $20-$30m per annum (to 2005-06)

14. 14 Risk Management Capital allocated to each business stream Business measured on RoRAC Risk reviewed on a regular basis

15. 15 Landmark – the acquisition $718m paid. Purchase price represents good value for AWB given the cross sell opportunities between AWB and Landmark No other company positioned to benefit from the synergies as AWB – Landmark was worth a lot more to AWB than other companies Funded via cash, debt and new equity: -Debt facility arranged before announcement -Institutional placement $152m, Share Purchase Plan (offer closes 10 Oct) and Dividend Reinvestment Plan (up to three fully underwritten)

16. 16 Landmark – integration Integration of the two businesses is governed by: -Desire to minimise disruption to AWB and Landmark businesses during the coming grain harvest (October – February); and -Need to achieve the synergies as outlined Pre completion, synergistic benefits were identified in the areas of cross selling, procurement and overhead cost savings Joint AWB/Landmark project team established to progress integration process. The project team reports to a Steering Committee (Landmark Board)

17. 17 Landmark – integration ( cont’d ) Project team has: –Launched broad communications plan to all staff across 430 locations throughout Australia –Identified and retained key staff – assuring business continuity during integration –Conducted meetings between AWB and Landmark counterparts across the businesses to:  Prepare plans for the next 12 months  Validate synergies previously identified Project Team will: –Focus on realising procurement benefits and setting in place a cross sell strategy

18. 18 “Landmark” Mark Allison Managing Director, Landmark

19. 19 Overview of Landmark Landmark is Australia ’ s leading rural distribution network with national coverage and significant growth opportunities Largest merchandise and fertiliser distribution business in Australia Well diversified earnings base across regions, agricultural commodities and business activities High growth finance business that can be further leveraged by AWB Strong insurance agency business Extensive branch network throughout regional Australia with 430 outlets and over 100,000 customers Lower risk agency model relative to peers Experienced management team which has presided over previous successful acquisitions and significant earnings growth

20. 20 Mercha- ndise $1.1b Sales 430 outlets 1,890 employees Livestock 1.9m Cattle 11m Sheep Wool 500k bales Real Estate $730m sales Fertiliser 1.2m tonnes Finance $815m book Insurance $119m premium 100,000 customers Landmark: a snapshot

21. 21 Phase 1: Integration and creation of common systems Phase 2: Consolidating the merger and fine-tuning the organisation Phase 3: Generating sustainable growth Strategic direction Phase 1 was completed in 2001 Phase 2 was the focus in 2002 Phase 3 will focus on new business growth in 2003 and beyond Three phases for developing Landmark:

22. 22 Strategic direction - phase 1 & 2 The merger of Dalgety and IAMA was the key issue facing Landmark in 2001 & 2002 Achieving synergy cost savings Capturing merchandise and logistics opportunities Maintaining revenue in the existing business Establishing a new brand identity in the marketplace Disposal of non-core businesses

23. 23 Strategic direction – phase 3 Landmark growth Appropriate cost base Streamlined structure Merchandise recovery East coast fertiliser expansion Drive livestock & wool growth National finance & insurance

24. 24 Key strategic issues Business sustainability -Commodity market cycles -Variable seasonal conditions -New product technologies -Security of member and agency structure Productivity and performance culture -Sales productivity consistency -Network configuration optimisation -Evolving performance culture Growth -Internal focus has diluted growth initiatives

25. 25 Strategies 1. Sales productivity Improve profitability by increasing sales productivity in all activities 2. Network optimisation Improve profitability and return on capital by optimising network configuration 3. Merchandise supply chain Capture cost & purchasing efficiencies 4. Growth Generate growth

26. 26 Outlook - 2004 Improving winter crop Irrigation concerns for summer crops Low sheep and cattle numbers Strengthening livestock prices Focus on productivity in merchandise, wool, livestock & real estate Focus on growth for finance, fertiliser & insurance Continue tight management of costs and capital Exploit AWB Group growth opportunities

27. 27 “Financial services” Marcus Kennedy, Group GM Financial & Rural Services

28. 28 Harvest finance market Environment becoming increasingly competitive ‑ Traditional players – NAB, Rabo, BHC’s ‑ Others players– WBC, ANZ, Regionals ‑ AWB product enhancements for 2003 Performance & take up rates ‑ 70% market share ‑ Majority Harvest Loan, but other product use increasing Cross sell opportunities between AWB & Landmark ‑ Product bundling ‑ Landmark finance staff to sell AWB Harvest Finance

29. 29 The opportunity Segment ‘C’ 5,000 Corporate Enterprise $8b loans Segment ‘B’ 65,000 SME agribusiness customers $20b loans Harvest finance to grain growers Small <$200k Finance to all agribusiness Medium $200k-$1m Large >$1m Turnover ‘Farmers’‘Corporations ’ Product set Segment ‘A’ 30,000 Grain / Broadacre $2b loans $30b of agribusiness lending in three broad segments Source: ABARE, ABS, RBA, APRA, Jun 2002. Neil Clark & Assoc.

30. 30 New finance earnings Competitors vary in their primary focus of attention ProfitabilityHighLow Small Large Major Banks Rabo ERB Regionals Landmark Size of business and lending needs

31. 31 Competitive opportunities Competitors vary in their primary focus of attention ProfitabilityHighLow Small Large Value Proposition #2: Finance led Major Banks Rabo ERB Regionals Landmark Oppor- tunity 1 Oppor- tunity 2 60 RFM/RFO’s Understanding of agribusiness risk Rural distribution Product bundling Brand appeal to agribusiness Balance sheet strength, funding, liquidity capacity Value Proposition #1: Commodity led 300 agronomists Broad product range Rural distribution Product bundling Brand appeal to agribusiness Balance sheet strength, funding, liquidity capacity

32. 32 Growth in Agribusiness lending 0 10 20 30 40 50 1997199819992000200120022003(f)2004(f)2005(f)2006(f) 10% CAGR $Bn’s Source: ABARE, ABS, RBA, APRA, Jun 2002. Neil Clark & Assoc., Bank Annual Reports. (f) = forecast

33. 33 Strategic investment in Grain Technology Innovation & Research AWB SeedsAgrifood Developing business through technology Major projects: - Graingene: to develop traits - LongReach: to breed premium wheats - Pipelines: to deliver niche parcels from grower to end-user Investment in 2003-04 will be $8m before tax Innovative business model to deliver value to farmers at lowest cost and risk Captured three new licences in 2002-03 Gained 60% of available wheat variety licences over the last five years Delivers test results to AWB and leverages expertise in grains and related industries with external customers

34. 34 “Maximising out-performance” Sarah Scales, GM National Pools

35. 35 Structure

36. 36 Demonstrating performance Base Fee 1.5% of GPV Subject to a cap of $61.9m and a floor of $46.4m Out-performance Incentive payment 1.5% of GPV 20% of revenue generated above the WIB plus hurdle 1. USD Wheat Price Sub- benchmark Pool Benchmark 2. FX (AUD/USD) Sub- benchmark 3. Domestic Supply Chain Sub- benchmark AWB Wheat Industry Benchmark (WIB) Note: The total Pool Management Services fees payable by AWBI to AWB are capped at 3% of GPV (except if the Base Fee floor is triggered).

37. 37 Impact on Base Fee and OPI US$ Wheat Price Foreign Exchange Crop size A constantly changing environment

38. 38 A constantly changing environment ( cont’d )

39. 39 2001/02 Argentina 11% Australia 17% Canada 17% USA 28% NTE 20% EU 7% 2002/03 Australia 11% Canada 9% EU 12% USA 24% NTE 38% Argentina 6% A constantly changing environment ( cont’d )

40. 40 Strategies Vision - Increase exports to Asia to 60% by 2007-08 Achieving the vision -Crop shaping -Price discrimination -Blending and site selection -Golden Rewards – product and payment integrity -Supply Chain optimisation International sales & marketing strategies -Iraq -Premium customers & why targeted -New markets

41. 41 Global market outlook Near record low global wheat stocks to use ratio Short term - How do EU, EEU and FSU solve their internal deficits Medium / Long term – Planting and development of northern hemisphere crops Source: USDA (e) = Estimate mt %

42. 42 Regulatory environment - WEA Review 2004 Wheat Marketing Amendments 2003 2004 Independent Panel Impact on growers

43. 43 “Trading & Chartering” Peter Geary, Group GM - Trading

44. 44 Trading functions Provides international marketing service to AWBI for Australian export wheat Develop and offer innovative marketing products to domestic growers and international customers Trades wheat and other grains as principal in the domestic market. Exports canola, feed & malt barley and sorghum to international markets Global Trading business in Geneva trades non-Australian wheat and other grains/commodities Chartering business participates in global freight market Riskassist provides tailored grower & consumer risk management products

45. 45 Trading business model The business model supports a ‘solution selling’ approach Deal Makers Consumer “Landed” CharteringFinance Risk Services Supply /Demand Information Price Makers Execution Supplier “FOB” Freight Position Taking Structured Finance Volatility Trading Commodity Position Taking Control Deal Makers Consumer “Landed” CharteringFinance Risk Services Supply /Demand Information Price Makers Execution Supplier “FOB” Freight Position Taking Structured Finance Volatility Trading Commodity Position Taking Control

46. 46 Planned outcomes for Trading in 2003-04 Expand and diversify grains under management Develop new markets that fit grains under management strategy & add value to AWBI Develop other commodity experience in related agricultural industries Secure alliance partner for global origination capability Stronger consumer risk management business Expanded risk management client base and market share Increase pool tonnage sold with freight & grow 3 rd party freight business

47. 47 Domestic trading in 2003-04 Strengthen presence in WA & SA Bundle product & service offering to strategic customers (including inputs) Expand the range of contract alternatives to growers

48. 48 Global Trading in 2003-04 First full year nearing completion –On target to meet volume budget of 1.5m tonnes –Geneva chartering strong contributor to PBT Strengthen skill set & capability – expand corn & soybean business Secure regular supply agreements in key markets – Egypt, East Coast Africa, South Africa, Indonesia Develop origination capability via alliance in key markets

49. 49 Riskassist in 2003-04 Continue to expand the grower product range – fixed basis partner pool, washouts Expand focus of consumer risk management advice

50. 50 Chartering in 2003-04 Develop vessel pool and generate fee income Develop 3 rd party freight business Develop back freight opportunities

51. 51 Growth in wheat sales sold with freight Chartering is a service provider for AWBI Active strategy of growing freight under management Focus on freight trading, combination cargo & 3 rd party business Geneva freight book assists information flow Key freight markets in 2003-04 include Iran Indonesia, Korea & Japan (e) = YTD estimate (f) = forecast % of crop sold CNF (e) (f)

52. 52 “Supply Chain” Jill Gillingham, Chief Operating Officer

53. 53 Obligations of Supply Chain Management: To ensure grain is delivered in full, on-time, in-specification to end customers at the least cost to growers (supply chain optimisation) To meet our obligations under the AWB Constitution: “In relation to wheat growers who sell pool return wheat to the company or its subsidiaries, to maximise their net returns from the pools…by minimising costs as far as practicable” Supply Chain Management

54. 54 Strategy: -Compete on the East Coast  Promote competition on the east coast to the existing storage and handling monopoly operators (includes AWB GrainFlow) -Collaborate on the West Coast  Long-term access with realistic cost base Results in downward pressure on S&H charges Lower costs for pool participants, increased out- performance for AWB Limited Supply Chain Management

55. 55 37.00 38.00 39.00 40.00 41.00 42.00 43.00 44.00 45.00 1999/002000/012001/022002/03 2003/042004/05 Cost reduction 1999-00 to 2001-02 $3.15 per tonne $53.5 million National Supply Chain Costs (real dollars) A$

56. 56 Supply Chain Investments

57. 57 Supply Chain Investments Storage and Handling (AWB GrainFlow) -21 sites strategically positioned on east coast with total capacity of 3.3 million tonnes -Modern, state-of-the-art facilities -Enables efficient intake and outturn of grain -Expect to realise between $2 and $4 per tonne savings for growers -Commercial investment returns currently on target Train -Investment in 51 rail wagons, leased to operator in NSW Port -50% investment in Melbourne Port Terminal

58. 58 www.awb.com.au For more information contact: Delphine Cassidy Head of Investor Relations T: +61 3 9209 2404 F: +61 3 9670 1723 E: dcassidy@awb.com.au